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Sudan’s central bank said Sunday it was implementing a unified exchange rate system, part of broader measures aimed at reviving its struggling economy.
The central bank instructed banks and exchange bureaus to adopt the new system with immediate effect, according to a statement on its website. The move aims to curb volatility in the exchange rate at a time when the transitional government is working to achieve a measure of political and economic stability.
The policies are aimed at transferring reserves from the informal to the formal sector, stabilizing the exchange rate, drawing worker remittances from abroad through official channels and attracting foreign investment, it said. The measures should also aid in normalizing relations with regional and international financial organizations and curb the black market, according to the central bank.
Sudan has said it will raise spending by about 60%, to 1.02 trillion pounds ($18.6 billion) in 2021, to help the economy.
The central bank, in a letter to local lenders, said their rates must be set +/-5% of the official rate, based on supply and demand.
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February 21, 2021 at 02:38PM
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Sudan Central Bank Unifies Exchange Rate to Revive Economy - Bloomberg
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